U. S. Supreme Court Rules that Inherited IRAs Are Not Protected In Bankruptcy
On June 12, 2014, the United States Supreme Court ruled in a unanimous opinion that inherited Roth and traditional IRAs are not protected from creditors under the “retirement funds” exemption in the U.S. Bankruptcy Code. The case is Clark v. Rameker, Trustee, 573 U.S. ____ (2014). In 2001, Heidi Heffron-Clark inherited a traditional IRA worth approximately $450,000 from her mother, Ruth Heffron. Ms. Heffron-Clark elected to take monthly distributions from the account. In 2010, Ms. Heffron-Clark and … Continue reading
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